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India embarks on offshore wind energy effort

India embarks on offshore wind energy effort

Business
June 19 (UPI) -- The completion of studies for the offshore wind energy potential in India expands the sector in a greening economy, the government said Tuesday. Norwegian energy advisory group DNV GL announced Tuesday it completed a study, co-funded by the European Union and an offshore wind energy group in India, examining the offshore wind energy potential for two coastal states. "It is the beginning of India's journey from onshore to offshore -- A dream comes true," India's Ministry of New and Renewable Energy stated. India under its commitments for the Paris climate agreement targeted 175 gigawatts of renewable energy capacity by 2022, with about 35 percent of that coming from wind energy. India has one of the fastest growing economies in the world. Its trade deficit hit $ 16.3 bill...
Audi boss arrested over 'dieselgate' scandal

Audi boss arrested over 'dieselgate' scandal

Business
The chief executive of Audi has been detained by German authorities investigating the "dieselgate" scandal at parent firm Volkswagen. Prosecutors in Munich said Rupert Stadler - the most senior group official to be held since the emissions saga began almost three years ago - was arrested at home in the early hours following a search of the property last week.They said his detention was linked to fears he might obstruct their continuing investigation, adding that he had been remanded in custody by a judge.Audi responded by insisting there was a presumption of innocence in the case involving Mr Stadler, who has led the Audi division since 2007. Image: Mr Stadler is a German national who has held senior positions within VW since 199...
Virgin Money bought by CYBG for £1.7bn

Virgin Money bought by CYBG for £1.7bn

Business
The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for £1.7bn.Under the deal, all the group's retail customers will be moved to Virgin Money over the next three years.It will be the UK's sixth-largest bank, with about six million customers, but 1,500 jobs are likely to go.CYBG said it had agreed with Sir Richard Branson's Virgin Group to license the Virgin Money brand for £12m a year, rising to £15m later. Virgin Group is Virgin Money's biggest shareholder with a 34.8% stake in the business. Analysis: Kevin Peachey, BBC personal finance reporterNimbleness and the ability to attract customers through new technology have been seen as challenger banks' main attributes. Tha...
General Electric faces fines over French jobs pledge

General Electric faces fines over French jobs pledge

Business
France is threatening to take the unusual step of fining General Electric if it fails to create a set number of jobs in the country.It is claimed the US industrial giant will renege on a pledge to produce 1,000 new jobs by the end of the year.The Labour minister Muriel Penicaud said GE would face a €50,000 penalty for every job not created.The move could be a test of President Emmanuel Macron's bid to push through more business-friendly policies.GE had committed to create a net 1,000 new jobs by the end of this year when it bought the energy business of France's Alstom in 2014. The US company was in competition for Alstom with Siemens of Germany.But GE had created only 323 jobs by the end of April, the finance ministry said last week.GE chief executi...
Chinese media mock Trump over tariffs

Chinese media mock Trump over tariffs

Business
Chinese media have mocked US President Donald Trump over plans to impose 25% tariffs on $ 50bn worth of Chinese goods, saying "wise men build bridges but fools build walls".Mr Trump announced the tariffs on Friday, accusing Beijing of intellectual copyright theft.China retaliated, saying it would impose an additional 25% tariff on 659 US goods worth $ 50bn.Stock markets fell after the announcements amid fear of a trade war.The US had earlier warned that it will impose even more tariffs should China retaliate. Mr Trump said the tariffs were "essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs."The Chinese product lines that have been hit range...